Barrington Research Brokers Cut Earnings Estimates for Varian Medical Systems, Inc. (VAR)

Varian Medical Systems, Inc. (NYSE:VAR) – Research analysts at Barrington Research cut their Q3 2019 earnings per share estimates for Varian Medical Systems in a research report issued to clients and investors on Wednesday, October 24th. Barrington Research analyst M. Petusky now anticipates that the medical equipment provider will post earnings per share of $1.10 for the quarter, down from their previous forecast of $1.12.

Varian Medical Systems (NYSE:VAR) last issued its earnings results on Tuesday, October 23rd. The medical equipment provider reported $1.16 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.20 by ($0.04). The firm had revenue of $801.60 million for the quarter, compared to the consensus estimate of $766.26 million. Varian Medical Systems had a net margin of 4.07% and a return on equity of 27.51%. The company’s revenue for the quarter was up 11.1% on a year-over-year basis. During the same period last year, the firm earned $1.04 earnings per share.



A number of other brokerages have also weighed in on VAR. Zacks Investment Research lowered Varian Medical Systems from a “hold” rating to a “sell” rating in a research report on Tuesday, September 25th. Robert W. Baird assumed coverage on Varian Medical Systems in a research report on Friday, October 19th. They issued a “neutral” rating and a $119.00 price target for the company. Royal Bank of Canada set a $115.00 price target on Varian Medical Systems and gave the stock a “hold” rating in a research report on Thursday, October 4th. Finally, JPMorgan Chase & Co. reduced their price target on Varian Medical Systems from $110.00 to $105.00 and set an “underweight” rating for the company in a research report on Wednesday. Four investment analysts have rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $117.63.

Shares of NYSE VAR opened at $110.94 on Friday. The firm has a market cap of $9.56 billion, a price-to-earnings ratio of 30.82, a PEG ratio of 2.69 and a beta of 0.78. Varian Medical Systems has a twelve month low of $101.42 and a twelve month high of $130.29.

A number of hedge funds have recently made changes to their positions in the stock. Fiera Capital Corp grew its stake in Varian Medical Systems by 3.4% during the 2nd quarter. Fiera Capital Corp now owns 2,521,717 shares of the medical equipment provider’s stock worth $286,769,000 after buying an additional 83,657 shares during the last quarter. Wells Fargo & Company MN grew its stake in Varian Medical Systems by 9.7% during the 2nd quarter. Wells Fargo & Company MN now owns 1,340,642 shares of the medical equipment provider’s stock worth $152,458,000 after buying an additional 118,604 shares during the last quarter. Schwab Charles Investment Management Inc. grew its stake in Varian Medical Systems by 40.8% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 1,145,010 shares of the medical equipment provider’s stock worth $130,211,000 after buying an additional 331,736 shares during the last quarter. Russell Investments Group Ltd. grew its stake in Varian Medical Systems by 7.7% during the 3rd quarter. Russell Investments Group Ltd. now owns 665,604 shares of the medical equipment provider’s stock worth $74,819,000 after buying an additional 47,554 shares during the last quarter. Finally, Advisors Asset Management Inc. grew its stake in Varian Medical Systems by 6,258.6% during the 2nd quarter. Advisors Asset Management Inc. now owns 529,609 shares of the medical equipment provider’s stock worth $1,316,000 after buying an additional 521,280 shares during the last quarter. Hedge funds and other institutional investors own 93.04% of the company’s stock.

In other news, SVP John W. Kuo sold 862 shares of the business’s stock in a transaction on Monday, October 15th. The stock was sold at an average price of $105.26, for a total value of $90,734.12. Following the completion of the transaction, the senior vice president now directly owns 30,686 shares of the company’s stock, valued at approximately $3,230,008.36. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, SVP John W. Kuo sold 962 shares of the business’s stock in a transaction on Wednesday, August 15th. The stock was sold at an average price of $108.84, for a total value of $104,704.08. Following the completion of the transaction, the senior vice president now directly owns 30,848 shares of the company’s stock, valued at $3,357,496.32. The disclosure for this sale can be found here. Over the last three months, insiders sold 16,051 shares of company stock valued at $1,774,728. Corporate insiders own 0.78% of the company’s stock.

About Varian Medical Systems

Varian Medical Systems, Inc designs, manufactures, sells, and services medical devices and software products for treating cancer and other medical conditions worldwide. It operates through two segments, Oncology Systems and Varian Particle Therapy. The Oncology Systems segment provides hardware and software products for treating cancer with radiotherapy, fixed field intensity-modulated radiation therapy, image-guided radiation therapy, volumetric modulated arc therapy, stereotactic radiosurgery, stereotactic body radiotherapy, and brachytherapy.

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Earnings History and Estimates for Varian Medical Systems (NYSE:VAR)

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